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EDMONTON — The number of housing starts in the Edmonton region for November tumbled 74 per cent from the same time last year, said the Canada Mortgage and Housing Corporation.) K& }# J0 g: U' _6 ]4 K. b% e
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Construction began on only 279 homes during the month, according to preliminary figures released today.
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For the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year.7 X* d3 Q# b& m/ H" ?
3 U& m; Y7 t' Q, C: }/ I“This comes despite a robust local economy that is showing impressive employment and income growth,” said senior market analyst Richard Goatcher.* G+ ~/ J0 ^- }% v2 |, @
% ?% e* e, H* @. U# K“The home building industry has been impacted by a slowdown in net migration into the province since mid-2007 and concerns locally about elevated new and existing home inventories.”
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2 r$ p0 i: b8 i P R) o6 F- ]% hSingle-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.
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! |3 F! y/ v/ l& T' x& | EMultiple-dwelling starts fell off even harder, by 91 per cent from November 2007 to 55 units.
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“The high volume of units still in progress suggests that further reductions are warranted in the coming year,” the CMHC said in a release.% o' \0 I2 O4 I4 F, u7 w
7 J. h- g1 r( W; c9 Y$ {1 r% n1 z5 nAcross Alberta, total housing starts in the seven largest cities dropped by 49 per cent year-over-year despite increased building in Wood Buffalo and Lethbridge. |
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